If it ain't broke....
While I think doing proactive maintenace is generally a good thing, I also believe in the old adage about leaving stuff alone if it isn't squeaking... I personally feel that an exhaust elbow's life depends on a lot of factors that may be hard to reduce to a number of years before replacement is necessary. How often you use your engine and for how long, how you use your engine in terms of rpms, the quality of fuel you use, etc., all play a role in the mean time between failure of various parts. What I do with my 20 year old 2GM20F is run the engine hard now and then, keep idle times to a minimum, motor between 2500 and 2700 rpm, and use the best quality fuel (with cetane booster, biocide, and stabilizer) -- and look for signs or indicators of trouble before routinely replacing anything but fuel and oil filters. I don't believe an elbow is going to coke up and shut you down without giving you a lot of warning beforehand -- and that is when I'd deal with the elbow.